Qatar Islamic Bank mandates banks for dollar sukuk — lead

Dubai: Qatar Islamic Bank (QIB), the largest Qatari Islamic bank by total assets, has mandated banks ahead of a US dollar-denominated sukuk sale, a document issued by one of the banks leading the deal and seen by Reuters showed on Thursday.

The Regulation S, senior unsecured deal would be a five-year benchmark transaction. Benchmark bonds are usually upwards of $500 million (Dh1.8 billion).

Citi, Emirates NBD Capital, HSBC, Noor Bank, QInvest and Standard Chartered Bank have been appointed to arrange global fixed income investor calls and meetings in London, starting on May 15, ahead of the potential transaction.

The issuance would be part of an existing $3 billion trust certificate issuance programme.

QIB is rated A1 by Moody’s, A- by S&P and A+ by Fitch.